ITR-3 Form: Complete Guide for Business and Professionals#
What is ITR-3?#
ITR-3 is for individuals and HUFs having income from a proprietary business or profession.
Eligibility#
Use ITR-3 if you have:
- Business income
- Professional income
- Income from partnership firm
- Both business and other income
- Partner in a firm
Types of Business/Profession#
Business:#
- Trading
- Manufacturing
- Services
- Commission agent
Profession:#
- Doctors, lawyers, CA
- Architects, engineers
- Consultants
- Freelancers
Documents Required#
- Books of accounts
- Bank statements
- Purchase/sale bills
- TDS certificates
- Depreciation schedule
- GST returns
Presumptive Income#
Option for small businesses:
- 6% of gross receipts (online)
- 8% of gross receipts (others) No need to maintain books!
How to File#
- Prepare financial statements
- Compute business income
- Fill ITR-3 schedules
- Report all incomes
- Calculate tax
- E-verify
Due Dates#
- Without audit: July 31
- With audit: October 31
- With transfer pricing: November 30